Bond for accused racketeer lowered to $250 K - WAOW - Newsline 9, Wausau News, Weather, Sports

Bond for accused racketeer lowered to $250 K


WAUSAU (WAOW) - A judge has lowered the bond for a former Wausau businessman accused of stealing $1 million in mortgage money from homeowners.

Jay Fischer, 53, has pleaded not guilty to 25 counts of racketeering, embezzlement, fraud and tax crimes. Twenty-one of the counts are felonies.

Prosecutors said Fischer's company, Valley Title, helped homeowners refinance mortgages but Fischer never paid off eight of them. Court records say the embezzlement involved 10 transactions from 2009 to 2010.

During a hearing Wednesday, Marathon County Circuit Judge Greg Huber lowered Fischer's bond from $1 million to $250,000 cash. The higher bail was originally set in July 2012, online court records said.

The judge maintained other conditions, including that Fischer cannot transfer any personal property or real estate worth $5,000 or more without the court's approval and that he must surrender his passport.

Fischer's three-week trial is scheduled to begin July 7.

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